A message from the Alliance for Insurance Reform:
Companies in many sectors are getting ready to renew their insurance cover at the moment so the Alliance Covid-19 Working Group is reaching out about insurance renewals in the current environment with a few pointers:
- By law, an insurer (underwriter, broker or other intermediary) must, no later than 20 working days before renewal, notify policyholders of any alteration to the terms and conditions of the policy (Section 14(6) of the Consumer Insurance Contracts Act 2019). While this applies to organisations with a T/O of less than €3m, we would expect that at the very least, bigger organisations would extend that essential courtesy as well
- In lieu of immediate forbearance, many insurers promised to reflect reduced levels of risk during the first half of 2020 in the new premium when policyholders renewed. We would expect them to honour that commitment at renewal
- Equally, we would expect the majority of liability premiums to fall on renewal due to:
- Dramatically reduced levels of economic and social activity in many sectors
- The removal of Covid19, or in some cases any disease-related risk, from policies on renewal (The experience of some pubs is related HERE)
- Below you will find the Renewals Checklist compiled by the Covid19 Working Group
Finally, in order to quantify where your stand right now on insurance renewals, please complete this 2 MINUTE survey
https://www.surveymonkey.com/r/AllianceSnapSurvey
Alliance Renewals Checklist
